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11 August 2020 | 3 min read

The Definitive Guide To Securing A COVID-19 Insurance

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India reported its first COVID-19 case somewhere at the end of January. By March, things began looking shaky, and the first lockdown was imposed on March 24th. Today in August 2020, we have close to 2.22 million cases with 44,386 deaths. If there was ever a time to invest in a COVID-19 insurance policy, now is a good time to do the same. Much before the Coronavirus was declared a pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) had issued a circular to all insurers on guidelines on the handling of claims reported under Coronavirus. A pandemic is an outbreak of a disease that occurs over a wide geographic area and affects an exceptionally high proportion of the population, across multiple continents or worldwide. 

When WHO finally characterised COVID-19 as a pandemic, the IRDAI ensured and communicated that the insurers provide support to individuals who were getting treated for COVID-19. Later, the IRDAI made it mandatory for all general and health insurers to offer a standard individual COVID-19 health insurance product, which will be a COVID-19 specific product, to tend to the primary health insurance needs of the public, starting from June 15th.

DBS Bank has thus gone ahead and offers simplified insurance for Covid-19 with no waiting period. Here is what you need to know about the coverage:

What is Covered?

Ongoing treatment – If the test for Coronavirus Disease (COVID-19) is found positive from any of the authorised centres of ICMR – National Institute of Virology, Pune, you will receive 100% of the Sum Insured.

Quarantine Cases – If you are quarantined in a Govt. or Military hospital for at least 14 consecutive days, you will receive 50% lump sum of the Sum Insured. This is applicable even if Coronavirus Disease (COVID-19) is later harmful as it covers the screening & treatment costs.

  • Premium starting at INR 499/-
  • Sum Insured Options ranging from INR 25000 to INR 2,00,000.

What Is The Benefit Of This Insurance?

Benefit-of-policy-Covid-19-insurance-policy-live-more-zone-DBS

Buying the COVID insurance from DBS assures you of the following. 

  • Fifty per cent of the Sum Insured shall be payable if the Insured has been quarantined in a Government/Military Facility for at least 14 days due to concern about possible exposure to COVID-19.
  • One hundred per cent of the Sum Insured shall be payable if the insured is tested positive for COVID-19 specified in virology report issued by Department of Health Research Indian Council of Medical Research Ministry of Health & Family Welfare testing Labs along with certification from the registered medical certificate.
  • Initial 30 days waiting period waived off.
  • Less than 30-second purchase experience, including policy issuance. No documentation required.
  • Original medical bills required.

When Can I Claim Coronavirus?

You can make a claim for COVID-19 in the following cases. 

  • If you are tested positive for COVID-19 from ICMR authorised centres along with certification from registered medical certificate – You’re eligible for 100% of Sum Insured.
  • If you have been quarantined for at least 14 days in a Government / Military facility, you will be eligible for 50 per cent lump sum.

Who Is Eligible?

eligibilty-for-policy-Covid-19-insurance-policy-live-more-zone-DBS

The following people are eligible for the insurance –

  1. Any Individual who have or had respiratory-related symptoms like severe cough, respiratory diseases, breathlessness in the past four weeks or had a Pre-Existing condition of COVID-19 Infection.
  2. Individuals should not have travelled to China, Japan, Singapore, South Korea, Thailand, Malaysia, Hong Kong, Macau, Taiwan, Italy and Iran since December 31st, 2019
  3. Individuals who have not suffered from any respiratory-related symptoms like severe cough, respiratory diseases, breathlessness from the last four weeks

Can I Purchase This Insurance If I Am Not A digibank Customer?

This product can be only purchased by DBS Bank customer and their family members. One can open digibank account instantly and buy this product.

To read more and apply for DBS bank COVID-19 insurance, click here.

Additionally, DBS cares! Initiative by the bank ensures safety to all its employees, customers and the community as specified here.

by Reeneta Dutta
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